Justice Department Drops SL Industries Bribery Probe

Wall Street Journal

The Justice Department has dropped its foreign-bribery probe of SL Industries Inc. without filing charges, the power technology company said.

The Mount Laurel, N.J.-based company said in 2012 that it voluntarily contacted the Department of Justice and the Securities and Exchange Commission about an internal foreign-bribery investigation involving employees of Chinese subsidiaries.

The company said the Justice Department told it the inquiry was closed in late September 2013; it said it has not received an update from the SEC.

SL Industries first made the disclosure in late October 2013 but that notice attracted little attention.

Just weeks ago, Merck & Co. said the Justice Department dropped a foreign bribery probe of the firm. Drug and medical-device maker Baxter International Inc.also said in February that both the Justice Department and SEC had closed probes.

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For many financial services firms, work remains to operationalize the governance structures they have adopted. Further, expectations regarding governance have shifted: Stakeholders now see boards as more accountable for the effectiveness of their overall governance process. This shift is real, and it is significant. It will likely amount to an expectation of greater board involvement in the means by which governance is effected, and for more active oversight by the board and its committees.

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